Gogerty: At our Morningstar conference this year, one of the things Bill Gross had mentioned in his commentary or keynote was the status of the U.S. dollar. It is historically been a reserve currency, and I wondered if you could talk about ICAP's philosophy with regards to hedging.... I know you use a lot of ADR', and just your thoughts on the strength of the dollar or the outlook of the dollar for a macroeconomic perspective.
Senser: I think that the dollar is going to remain a reserve currency for a long period of time, but with that said, I think it will be important for the U.S. government to demonstrate some degree of physical responsibility. We can't have budget deficits that exceed 5% of GDP forever, and if that is the case, then in all likelihood, the dollar will erode over time.
Our own policy in terms of hedging, we do not explicitly hedge currency positions for the most part. We have a very diversified portfolio between Europe and Asia. We have very well-diversified positions in companies whose sale bases are in place around the globe, basically.